Another wild market day. AAPL is off 10% to 463 but the markets are yawning. The SPX just touched 1500 for the first time in five years. The utilities popped over UTIL 466.75 after the open and is supplying bull fuel, however, this fight is ongoing today. The next level that will supply bull fuel to push the SPX into the 1520's is UTIL 475.48. But, first thing is first, it will be interesting to see if UTIL 466.75 holds today, or not. The move in the 10-year yield is remarkable, from 1.81% overnight to 1.87% now, a big jump. Higher yields means higher equity markets and money is flowing out of bonds and into stocks to buoy the SPX and INDU (Dow). WTIC oil jumps higher over 96, higher oil means higher markets. The euro remains elevated. Higher euro means higher markets.
The SPX punched thru the strong 1496 resistance so 1505 would be targeted with 1499 and 1500 offering some intermediate resistance before then. Today's HOD is 1501.33. The broad indexes will remain elevated if UTIL stays above 466.75. The bullish thrust continues with the SPX now up seven days in a row. NFLX is running higher no doubt an epic short squeeze. The move in the small caps this month is due to money chasing into the lesser names and launching short squeezes. The shorts continue to be squeezed out of the market creating some air underneath as prices move higher. These squeezes are helping to create the upside frenzy. Remember the other day Keystone wanted to bring on RTH shorts but none were available? The wild upside in RTH now is not due to fundamentals or hopeful future sales, instead it is due to short sellers running for their lives. The buyers remain but air develops underneath. TRIN is 0.96 favoring the buyers by a hair. UTIL minute chart is in a perfect sideways symmetrical triangle right now, it should break hard either up or down. The VIX is positive in agreement with the negative Nasdaq, however, the Dow Industrials and SPX are positive. Either the VIX is wrong, or the SPX is wrong.
Note Added 1/24/13 at 11:02 AM: UTIL leaps higher now over 468. SPX is over 1500. The 10-year yield is 1.87%. It is all going the bulls way today. Oil remains elevated after inventory data so this will help keep the broad indexes elevated. Copper reversed its negativity earlier today. The VIX remains positive and is the only item the bears can hold onto right now. A test of the strong 1505 resistance is likely since 1500 gave way. Price is coming up now to test the HOD at 1501.33.
Note Added 1/24/13 at 12:49 PM: The SPX placed a higher HOD at 1502.27. Copper turned negative reversing course again. The 10-year is 1.86% remaining elevated for today. WTIC oil is 96.11 off the highs but above 96 continuing to provide broad market buoyancy. UTIL is 467.15 creating market bullishness. Market bears got nothing unless they push UTIL back under 466.79. The market action is reminiscent of the first few days of October 2007. This is appropriate since we are at these similar highs. In the ongoing VIX versus SPX fight today, both continue along positive although the VIX is climbing towards 13 and the SPX is dropping. The SPX is now back kissing the strong 1496 support, thus, it is bounce or die time for the SPX.
Note Added 1/24/13 at 1:09 PM: It died. SPX has a 1494 handle now but it should come back up to test the 1496 resistance now to see if it wants to stay under 1496, or not. UTIL is 467.08 above 466.79 so bulls would be favored. TRIN is 0.89 which helps the bulls today.
Note Added 1/24/13 at 1:32 PM: UTIL loses 466.79. The bears are fighting back. What is good for the goose is good for the gander. UTIL under 466.79 will usher in market negativity but the fight should continue thru today. Look at the TRIN coming up now at 0.92, moving up is market bearish. SPX 1496 resistance is holding for now. VIX moves above 13. Watch to see if UTIL stays under 466.79 for seven to ten minutes to lock the negativity in. Price is under now for about four minutes so far...
Note Added 1/24/13 at 1:56 PM: Look at the wild gyrations in UTIL; it has more moves than Lady GaGa. UTIL dropped under 466.79 one-half hour ago and despite a wild thrust higher minutes ago, the utilities are struggling to regain the upside which created the market rally earlier today. UTIL 466.79 will tell you what you need to know today, currently creating market negativity. VIX is 13.28. Keystone wipes his eyes to take a closer look since volatility has not moved higher all year long. TRIN is 0.91 continuing to favor bulls, the bears need to move the TRIN above 1.00 asap or they will run out of gas and the bulls will take over again. WTIC oil loses 96 now at 95.92. JJC (copper) is printing the lows of the day.
Note Added 1/24/13 at 2:13 PM: The bulls are pushing back, UTIL is back up to 466.70 within pennies of turning the day bullish again. TRIN is 0.87 providing the bull fuel.
Note Added 1/24/13 at 3:07 PM: UTIL is back above 466.79 so the market buoyancy returns. TRIN is 0.89 continuing to help the bulls. VIX trying to hold 13. The bulls are not yet able to push the SPX back above the strong 1496 resistance so this is something to watch into the close.
Note Added 1/24/13 at 3:37 PM: UTIL jumping towards 468 now so the SPX is over 1496 resistance to 1498.
Terimakasih anda telah membaca artikel tentang Keystone's Midday Market Action 1/24/13. Jika ingin menduplikasi artikel ini diharapkan anda untuk mencantumkan link https://lifeonbtc.blogspot.com/2013/01/keystone-midday-market-action-12413.html. Terimakasih atas perhatiannya.